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Mexican community lender announces acquisition of microfinance firm

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Mexican community lender announces acquisition of microfinance firm

Mexican community lender Te Creemos has agreed to acquire microfinancefirm Felicidad Financiera in a deal that will expand the buyer's presence to twomore Mexican states, El Economista reported,citing Te Creemos General Director Jorge Kleinberg.

As a result of the purchase, Te Creemos will grow its loan portfolioby 15% to about 1.28 billion Mexican pesos, according to the Sept. 22 report. Thedeal also increases the company's branch network to 160 offices and gives it 32,000new clients.

With the acquisition, 50% of Te Creemos' lending operations willfocus on group credit and the other half on individual financing, Kleinberg reportedlysaid.

The executive did not disclose the deal's price.

As of Sept. 22, US$1 wasequivalent to 19.60 Mexican pesos.